Family Life Insurance Plan

A family life insurance plan provides you and your loved ones with financial security. Here’s how to choose the right coverage for your whole family.

Purchasing a Life Insurance Policy for yourself is always a good idea; it ensures that your family members won’t suffer financially in the event of your death. But to be fully prepared for a death in the family, insuring just yourself might not be enough.

If you’re married, have kids, or depend on your parents for money, you may need to consider their life insurance coverage as well.

Who needs a family life insurance plan?

If the breadwinner in your family has life insurance coverage, you might think you’re set. However, any family member who provides for your household should own life insurance to ensure you have financial support for:

Childcare
Daily living expenses
End-of-life expenses
Future college expenses
Outstanding loans, like a mortgage

Even if you think a non-working spouse or a live-in parent doesn’t need coverage, consider whether they provide childcare or housekeeping you’d otherwise pay for. A life insurance payout can go toward covering those expenses.